Sharply Deteriorating ProfitabilityA multi-year shift into substantially larger losses erodes retained earnings and undermines the company's ability to self-fund operations or invest in growth. Deep negative margins signal structural pricing or execution issues that threaten long-term margin sustainability and competitiveness.
Falling RevenueA meaningful drop in revenue reduces scale economies and weakens fixed-cost absorption in waste and construction services. Lower volumes constrain pricing leverage, increase per-unit costs, and reduce visibility into earnings and cash flow over the medium term.
Eroded Equity And Cash VolatilityMaterial equity erosion and persistently negative returns on equity shrink the capital buffer available to absorb project overruns or bidding losses. Combined with historically volatile cash conversion, this raises the likelihood of future external financing needs and constrains strategic flexibility.